Warner Bros Discovery Rejects Paramount's Latest Bid

Warner Bros. Discovery Inc. Board of Directors (WBD board) rejected Paramount’s latest bid on Feb 17, 2026. It has, however, kept the door open for further revision from Paramount Skydance Corp., until Feb 23. WBD board Chair Samuel A. Di Piazza Jr. emphasized that the company still believes the proposed agreement with Netflix offers superior value for WBD assets.

The board concluded that while Paramount’s latest proposal “addresses some of the concerns that WBD had identified several months ago,” the revised amendment still has some caveats noticed on previous draft agreements from Dec 4 and Dec 22, 2025. With respect to Paramount’s Feb 10 letter to the WBD board, A. Di Piazza’s statements highlighted that Paramount has left “WBD with vague assurances of intention."

A. Di Piazza’s letter to the PSKY Board further adds that, despite the caveats in Paramount's amended tender offer, Warner Bros. is willing to engage in a discussion with the PSKY Board and allow them to clarify their offer. Netflix has also agreed to offer a waiver permitting WBD to re-engage with Paramount till Feb 23.

“We seek your best and final proposal,” wrote A. Di Piazza to the Paramount board, emphasizing that Warner expects “a WBD per share price higher than $31.” The letter highlighted that on Feb 11, a senior representative of Paramount’s financial advisor had indicated that “PSKY would agree to pay $31 per WBD share,” and that the offer may not be Paramount’s best and final.

Ongoing Bidding War between Netflix and Paramount for Warner Bros Discovery

Paramount has been pursuing Warner Bros Discovery since September 2025, and was rejected despite offering a $108.4 billion USD all-cash price for the entire company. WBD’s deal with Netflix values Warner Bros’ selected assets (excluding the cable networks) at $82.7B.

Paramount previously revised its bid, with a $40B guarantee from Oracle founder Larry Ellison, and recently added a $650M “ticking fee” to assure shareholders of their intention to offer a superior value for Warner Bros Discovery.

"Throughout the entire process, our sole focus has been on maximizing value and certainty for WBD shareholders," stated WBD President and Chief Executive Officer David Zaslav about Paramount’s rival bid. He also emphasized that the company is engaging with PSKY to see whether the company can offer a proposal that has certainty and superior value for WBD shareholders.

On the other hand, Netflix Inc. publicly stated the company “has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance,” indicating Paramount is distracting WBD stockholders with “antics.” Netflix also reaffirmed that its offer values WBD assets, including Harry Potter, DC Universe, and the GoT franchise, at its best.

WBD board’s decision to re-engage with Paramount marks the latest escalation of the ongoing bidding war for WBD’s partial sale. Regulatory considerations also remain central to the WBD-Netflix merger. Warner Bros has also announced a Special Meeting with shareholders on March 20, 2026, at 8:00 am ET, inviting shareholders to vote on the ongoing agreement with Netflix.